how Factom has plans to anchor into Ethereum
how Factom has plans to anchor into Ethereum
There are a few things regarding this announcement by Factom that need to be made clear from the start, though. First of all, there are absolutely no plans to drop the Bitcoin blockchain as a publishing platform by any means. Despite all of the issues going on with scalability and the Bitcoin block size, the blockchain will always remain an integral part of what Factom is trying to accomplish.
That being said, the company is well aware there are other technological advancements in existence which could make their service more versatile. A recent post on Reddit by BrianDeery mentions how Factom has plans to anchor into Ethereum and its blockchain as well, in due time. No official dates have been announced or confirmed as of yet though.
When this integration happens, any application built on top of the Ethereum blockchain will be able to follow historical Factom consensus, without seeing anything on the Bitcoin blockchain. This parallel approach to using all of the versatile blockchain solutions available brings more decentralization to the Factom project as well, which can only be seen as a positive thing.
Moreover, people need to keep in mind Factom was originally designed to alleviate the block size problems plaguing the Bitcoin industry right now. Despite all of the positive attention on blockchain technology over the past few years, the current crisis as not averted, even though many industry experts predicted something like this would happen if the proper action was not taken.
In conclusion, Factom is keeping an eye on what is happening in Bitcoin and Ethereum, as both blockchains have their strengths and weaknesses. By anchoring into both blockchains over time, Factom will become more versatile in the future. But it is also positive to see the company stick with the Bitcoin blockchain, despite all of the problems surrounding the technology right now.
how Factom has plans to anchor into Ethereum
Reviewed by mir khaleq ali
on
June 05, 2018
Rating:
Reviewed by mir khaleq ali
on
June 05, 2018
Rating:
I do not understand why Factom does not just drop Bitcoin Core and anchor into Bitcoin Cash ... in wich all the problems that not occur on Bitcoin Core are basically solved also on the Bitcoin Cash chain it is posible to store more hash data that would also help Factom.
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